Despite the increase in the forecast crop of canola in Australia canola prices do not fall
Experts Oil World increased compared to the previous forecast estimate of canola crop in Australia by 0.3 million tonnes to 3.8 million tonnes, 1.5 million tonnes higher than the figure recorded the previous season and will be the highest level of the last 4 seasons, although the forecasts of other analysts do not exceed 3.3 million tons.
the Increase in yield due to sufficient rainfall, which increased acreage of canola by almost a third to 2.38 million hectares and contributed to the development of crops, resulting in yield of canola will increase in comparison with the previous year by 24% to 1.6 t/ha.
Thanks to the growth of production exports of canola from Australia in the current season will increase compared to last year at 1-1,1 million tons to 2.6 million tons
According to experts, the EU will increase imports of Australian canola in January-June 2021, because of its own stocks at the end of December will be critically low due to reduced domestic production.
amid supply shortages and rising prices for soybean February futures on rapeseed on the Paris MATIF rose by 3,75 €/t to 414 €/t, and due to a sharp strengthening of the Euro against the dollar to 1,1971 $/€ dollar price exceeded 495,58 $/t
Quotes canadian canola on the stock exchange in the United States during the week remained at a high level 583 CAD/t or 449 $/t with the support of the growth of prices of soybeans and vegetable oil.
the European Commission has lowered the forecast of import of rapeseed and canola in the EU, up to 5 million tons due to lower oil prices and continued lockdown in some EU countries, which will lead to a reduction in the consumption of biofuels.
an Increase in supply of canola from Canada and Australia against the background of the ban on the import of products from these countries to China due to political dispute intensifies competition on the European market, especially against the background of lower forecasts of imports.
